What critical mistakes do I need to avoid in an SEC investigation? In my many years of experience, I have seen that when an individual receives an SEC subpoena, there are certain mistakes that can be made that may be irreparable, meaning they may forever negatively affect the outcome of the investigation. These are things...Read More

FORT LAUDERDALE, FL — June 17, 2026 — The Law Firm of David R. Chase, a premier, national SEC defense law firm, proudly announces that Chambers and Partners recognized its principal, David R. Chase, with a prestigious Band 1 ranking in Litigation: Securities – Florida, USA Guide, for 2026, marking the fifth consecutive year he has...Read More

Few events in life trigger immediate panic like receiving a SEC subpoena or getting an unannounced call from the staff of the SEC’s Market Abuse Unit asking about a particular stock trade you made, whether recently or years ago. These investigations typically originate with an invisible trigger: an automated algorithm at FINRA or the SEC...Read More

On June 4, 2026, the U.S. Supreme Court handed a game-changing, unanimous victory to the Securities and Exchange Commission in Sripetch v. SEC.  Writing for the Court, Justice Neil Gorsuch clarified and resolved a highly debated question in the SEC enforcement defense arena:  Does the SEC have to prove that investors suffered actual out-of-pocket financial...Read More

For over five decades, individuals facing an SEC enforcement action faced the tough question when deciding whether to settle: avoid the cost, expense and negative publicity of a trial, or accept a settlement on a neither admit nor deny basis, but with the requirement that you could not publicly deny the SEC’s allegations.  In essence, you...Read More

Should I cooperate with the SEC? Cooperation with the SEC is a delicate, nuanced dance. There can be tremendous advantages from cooperating with the SEC. But at the same time, if not handled properly and thought through strategically, there can be some real dangers. The interesting thing about cooperation with the SEC is that you...Read More

For decades, insider trading investigations relied heavily on whistleblowers, referrals from regulatory organizations, and obvious patterns of suspicious, red-flag activity.  Today, the landscape has radically changed. The U.S. Securities and Exchange Commission (SEC) now utilizes advanced market surveillance technology to identify highly suspicious trading patterns across millions of transactions — including a sophisticated analytical platform known...Read More

By David R. Chase, Former SEC Enforcement Attorney and Now SEC Insider Trading Defense Lawyer For many executives, traders, investment advisers, and finance professionals, the first sign of trouble arrives unexpectedly: a subpoena, a call from compliance, a request for documents, or an out-of-the blue contact from SEC enforcement staff itself. By that point, the...Read More

The SEC’s Division of Enforcement recently made significant substantive revisions to its Enforcement Manual, marking the first major update since 2017.  For those staring down a potential SEC enforcement action, these changes to the Wells Notification Process are the proverbial “double-edged sword” in that they provide arguably unprecedented transparency but also create new procedural “traps” for...Read More

What It Means, The Risks, Defenses Against, and Real-World Examples What Is a Relief Defendant in an SEC Case? A Relief Defendant (also called a nominal defendant) is: A person or entity named in an SEC enforcement action on the grounds that they received or currently hold funds derived from, or traced to, federal securities law violations,...Read More